Institutional Holders Report Passive Stakes Above 5% in SmartStop Self Storage

Rhea-AI Filing Summary

SmartStop Self Storage REIT, Inc. has multiple institutional investors reporting passive holdings in its common stock. Deutsche Bank AG (via its asset management group) reports beneficial ownership of 2,067,630 shares (6.7%) with shared voting and dispositive power over those shares. RREEF America LLC reports aggregate beneficial ownership of 2,050,555 shares (6.6%) with sole voting power of 1,507,376 shares and sole dispositive power of 942,957 shares. DWS Investments UK Ltd holds 17,075 shares (0.1%). The filings identify the reporting persons and the exact vote/disposition breakdowns, indicating institutional passive positions exceeding the 5% threshold for two filers.

Positive

• Two institutional investors disclosed stakes above 5%, providing transparency into significant shareholders
• Detailed vote and disposition breakdowns are provided, clarifying sole vs shared powers for each filer
• Filings classify holdings as passive (Schedule 13G), indicating no asserted intent to exert control

Negative

• None.

Insights

Securities Analyst

TL;DR: Two institutional groups disclosed passive stakes above 5%, revealing modest concentration among institutional holders.

Deutsche Bank AG and RREEF America LLC each report beneficial ownership just above the 5% reporting threshold, at 6.7% and 6.6% respectively. The filing for Deutsche Bank AG is attributed to its asset management business group and shows shared voting and dispositive power over 2,067,630 shares, while RREEF reports sole voting power over a substantial portion of its stake. These are Schedule 13G disclosures, which indicate passive investment intent rather than active control or solicitation. For investors, the key takeaway is increased institutional ownership concentration that is disclosed transparently; there is no indication in the text of an activist or control-oriented posture.

Corporate Governance Expert

TL;DR: Reported holdings cross the 5% threshold but are filed under passive reporting, so governance influence is not asserted.

The statements identify ownership percentages and precise vote/disposition allocations. Deutsche Bank AG’s filing explicitly attributes holdings to its asset management group and certifies applicable foreign regulatory comparability. RREEF’s filing shows significant sole voting power, which could translate into voting influence despite the passive classification. DWS Investments UK Ltd’s stake is negligible at 0.1%. The documentation is procedurally complete with signatures by an authorized officer; however, the filings do not allege any group formation or intent to influence management, consistent with Schedule 13G requirements.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

SmartStop Self Storage REIT, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

83192D402

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 83192D402

1

Names of Reporting Persons

DEUTSCHE BANK AG\

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

GERMANY

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,067,630.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,067,630.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,067,630.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.7 %

12

Type of Reporting Person (See Instructions)

FI

Comment for Type of Reporting Person: * In accordance with Securities Exchange Act Release No. 39538 (January 12, 1998), this filing reflects the securities beneficially owned by the Asset Management business group (collectively, "DWS") of Deutsche Bank AG and its subsidiaries and affiliates (collectively, "DBAG"). This filing does not reflect securities, if any, beneficially owned by any other business groupof DBAG.

SCHEDULE 13G

CUSIP No. 83192D402

1

Names of Reporting Persons

RREEF AMERICA LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,507,376.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 942,957.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,050,555.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.6 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 83192D402

1

Names of Reporting Persons

DWS Investments UK Ltd

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 17,075.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

17,075.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

.1 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: SmartStop Self Storage REIT, Inc.
(b)	Address of issuer's principal executive offices: 10 Terrace Road, LADERA RANCH, CA 92694
Item 2.
(a)	Name of person filing: DEUTSCHE BANK AG\
(b)	Address or principal business office or, if none, residence: Taunusanlage 12 D-60325
(c)	Citizenship: 2M
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 83192D402
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
	a bank organized under the laws of the Federal Republic of Germany
Item 4.	Ownership
(a)	Amount beneficially owned: 2067630
(b)	Percent of class: 6.7 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 2067630
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 2067630
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to a bank organized under the laws of the Federal Republic of Germany is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

DEUTSCHE BANK AG\

Signature:	Michael Caro
Name/Title:	Vice President
Date:	08/14/2025

RREEF AMERICA LLC

Signature:	Michael Caro
Name/Title:	Vice President
Date:	08/14/2025

DWS Investments UK Ltd

Signature:	Michael Caro
Name/Title:	Vice President
Date:	08/14/2025

FAQ

How many shares does Deutsche Bank AG report owning in SMA?

Deutsche Bank AG reports beneficial ownership of 2,067,630 shares, representing 6.7% of the class, with shared voting and dispositive power.

What stake does RREEF America LLC hold in SmartStop (SMA)?

RREEF America LLC reports an aggregate of 2,050,555 shares (about 6.6%), with sole voting power over 1,507,376 shares and sole dispositive power over 942,957 shares.

Is any filer claiming active control or forming a group in these Schedule 13G filings?

No. The filings indicate Schedule 13G treatment (passive investor) and state "Not Applicable" for group formation and related items in the provided text.

What percentage does DWS Investments UK Ltd hold in SMA?

DWS Investments UK Ltd reports beneficial ownership of 17,075 shares, equal to 0.1% of the class.

Do the filings specify whether these holdings are sole or shared powers?

Yes. The filings detail vote and disposition powers: Deutsche Bank AG shows 0 sole and 2,067,630 shared voting/dispositive power; RREEF shows 1,507,376 sole voting and 942,957 sole dispositive powers; DWS UK shows primarily sole voting of 17,075 shares.